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Canada Stablecorp Inc. have officially announced the launch of its Canadian Dollar-Pegged stablecoin QCAD
PAR002_123 • Feb 11, 2020
Canada Stablecorp Inc. have officially announced the launch of its Canadian Dollar-Pegged stablecoin QCAD
Canada Stablecorp Inc. have announced the official launch of its Canadian Dollar stablecoin “QCAD”.
Built on the Ethereum blockchain, the QCAD stablecoin is the work of Canada Stablecorp, a joint venture between Canada's largest cryptoasset manager 3iQ and blockchain player Mavennet Systems.
Canada Stablecorp Inc. is a joint venture between 3iQ and Mavennet Systems, a global leader in blockchain development. QCAD is Stablecorp’s first product release, and is a digital asset with the mass market stability of the Canadian dollar. Jean Desgagne, CEO of Canada Stablecorp said. “Canada can now be included as a country that is addressing the digitisation of traditional currencies and providing a robust payment and settlement solution. QCAD represents an opportunity to set new standards of transparency in digital currencies and will help drive trust and mass adoption of stablecoins.”
QCAD is described as a means of payment and a settlement solution. “It allows you to trade, to take positions against other stablecoins in other currencies, USDC in the U.S. for example,” said Canada Stablecorp CEO Jean Desgagne. It may become the first stablecoin pegged to the Canadian dollar to see general use.
Starting today, users can purchase QCAD through DVeX, Netcoins, Bitvo, Newton, and Coinsmart.
“QCAD is a significant stepping stone for the Canadian financial market, establishing an imperative link to the world of digital assets.” — Kesem Frank, President of Mavennet Systems
Mitchell Demeter, President of Netcoins said “Netcoins is absolutely thrilled to be part of this historic moment in Canadian finance. The ability to send and receive Canadian Dollars around the world instantly via QCAD, with almost zero fees, or limits, is an absolute game-changer. Netcoins main goal is to help Canadians learn about and access digital currencies, and partnering with Stablecorp on the QCAD launch aligns perfectly with this goal,”
For 3iQ, this launch comes after the recent approval of the Bitcoin Fund with the Ontario Securities Commission. Fred Pye, President and CEO of 3iQ Corp is confident that this is the next logical step for capital markets in Canada.
“We believe the future of equity and bond trading in this country will move towards digital rails. QCAD is in a position to act as the settlement mechanism for these next generation solutions.” said Fred Pye CEO of 3iQ Corp
While there are some regulatory concerns Stablecorp CEO Desgagne said the company had a legal opinion saying it was not a huge concern.
It's compliant with KYC (know your customer) and anti-money laundering regulations, will be issued by Canada Stablecorp and traded on DVeX, Newton, Bitvo, Netcoins and Coinsmart.
QCAD is built on the Ethereum Blockchain due to its wide popularity and Stablecorp’s confidence with its security. Desgagne hopes to further digitise financial services as QCAD grows in acceptance.
“It’s worth a dollar today, it’ll be worth a dollar tomorrow, it’ll be worth a dollar 20 years from now,” Desgagne said. “We believe that it’s not a security, it doesn’t need to touch with securities law. It’s really a mechanism for exchange.”
Desgagne said. “We believe we’re creating tools for digital assets to truly bloom.”
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